Obviously, consideration of costs is key, including opportunity costs. Of course capital isn't free. It's easy to figure out your cost of… — Charlie Munger Copy Share Image
I mean people are really crazy about minor decrements down. And then, if you act on them, then you get into reciprocation… — Charlie Munger Copy Share Image
A banker who is allowed to borrow money at X and loan it out at X plus Y will just go crazy… — Charlie Munger Copy Share Image
Missing out on some opportunity never bothers us. What's wrong with someone getting a little richer than you? It's crazy to worry… — Charlie Munger Copy Share Image
I think the notion...that liquidity is this - of tradable common stock - is a great contributor to capitalism - I think… — Charlie Munger Copy Share Image
The quality of the medical care delivered, including the pharmaceutical industry, has improved a lot. I don't think it's crazy for a… — Charlie Munger Copy Share Image
It takes almost no capital to open a new See's candy store. We're drowning in capital of our own that has almost… — Charlie Munger Copy Share Image
Black-Scholes is a know-nothing system. If you know nothing about value - only price - then Black-Scholes is a pretty good guess… — Charlie Munger Copy Share Image
In investment management today, everybody wants not only to win, but to have a yearly outcome path that never diverges very much… — Charlie Munger Copy Share Image
And maybe the cereal makers by and large have learned to be less crazy about fighting for market share-because if you get… — Charlie Munger Copy Share Image
People have always had this craving to have someone tell them the future. Long ago, kings would hire people to read sheep… — Charlie Munger Copy Share Image
A lot of people with high IQs are terrible investors because they've got terrible temperaments. And that is why we say that… — Charlie Munger Copy Share Image
Almost all good businesses engage in 'pain today, gain tomorrow' activities. — Charlie Munger Copy Share Image
If you want good behavior, don't pay on a commission basis. Our judges aren't paid so much a case. We keep them pretty well… — Charlie Munger Copy Share Image
Acquire worldly wisdom and adjust your behavior accordingly. If your new behavior gives you a little temporary unpopularity with your peer group then to… — Charlie Munger Copy Share Image
I think time and time again, in reality, psychological notions and economic notions interplay, and the man who doesn't understand both is a damned… — Charlie Munger Copy Share Image
I have what I call an iron prescription that helps me keep sane when I naturally drift toward preferring one ideology over another and… — Charlie Munger Copy Share Image
The tax code gives you an enormous advantage if you can find some things you can just sit with. — Charlie Munger Copy Share Image
The great lesson in microeconomics is to discriminate between when technology is going to help you and when it's going to kill you. And… — Charlie Munger Copy Share Image
Some years ago one oil company bought a fertilizer company, and every other major oil company practically ran out and bought a fertilizer company.… — Charlie Munger Copy Share Image
They [Mc Donalds] take people and give them a first job, which enables them to get a second job. They do a very good… — Charlie Munger Copy Share Image
We believe that almost all really good investment records will involve relatively little diversification. The basic idea that it was hard to find good… — Charlie Munger Copy Share Image
It is way less certain to be a wonderful business in the future. The threat is alternative mediums of information. Every newspaper is scrambling… — Charlie Munger Copy Share Image
![“They [Mc Donalds] take people and give them a first…” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/a55/charlie-munger-458_be-good_they-mc-donalds-take-people-and-give-the_41809.jpg)
